Lansdowne Park posts another loss despite rising revenues

Nearly all of the retail and residential space at Lansdowne is now occupied, according to Roger Greenberg, executive chair of OSEG and Minto.Lansdowne Park posted a loss of $985,000 in 2015, a significant improvement from its $11-million operating deficit in 2014, the Ottawa Sports and Entertainment Group reported to Ottawa's finance and economic development committee Tuesday.

OSEG CEO Bernie Ashe told the committee Lansdowne is still in "startup mode," and has not yet realized "the full potential of the site" in terms of the number of events it hosts and leasing revenue from retailers.

Despite the loss, revenues are rising, according to OSEG; Lansdowne pulled in more than $40 million in 2015, compared to less than $25 million in 2014.

The group pegged its short-term revenue projections for Lansdowne at $50 million per year.

"We're not where we want to be yet. There are still improvements that we can undertake," Roger Greenberg, executive chair of OSEG, told CBC News.

"But certainly the direction from 2014 to 2015, and into 2016, is very positive."

Majority of retail, residential space now leased or sold

Greenberg, who is also executive chair of Minto, said 97 per cent of the retail space at Lansdowne has been leased, while only half a dozen of the approximately 155 condo units at Minto's The Rideau tower remain unsold.